The Derby Poker Championship held annually by the Poker Players Alliance (PPA) is not being held for the first time in 2010, but this year there is certainly going to be an added bit of significance to the poker tournament as it will be run in Louisville, Kentucky just a couple of days before the running of the famous Kentucky Derby horse race.

The main reason for the significance of the event is the fact that the state of Kentucky less than two years ago was responsible for state seizure of 141 different domain names related to internet gambling. Poker Stars, Full Tilt Poker and several other brand name poker sites were part of the seizure, causing an immediate legal reprisal by their teams of lawyers. Latent effects from that legal squabble are likely still going to take place as the ruling by Kentucky’s Supreme Court did not come down until March of 2010.

It is difficult to see whether or not the Derby Poker Championship is being run in Kentucky specifically for that reason, but what is easy to see is that it is going to be an interesting event again this year. It is being hosted by Team UB Professional Phil Hellmuth, the only person to have won 11 bracelets at the World Series of Poker. Arguably the best tournament No Limit Hold ‘Em player in the world, Hellmuth has made a huge name for himself both by his poker antics (earning the nickname Poker Brat) and by his amazing play at the World Series of Poker year after year.

Attending the same tournament will be many other poker professionals as well as celebrities looking to get in on the action themselves. The buy-in for the tournament is $550 and only 220 players will be allowed into the tournament. The first cards will be dealt at 7:30 PM local time on April 29th and rebuys from that point will be allowed for $200, the same cost for the add-on at the end of the rebuy period. In total, 51% of the prize pool will end up going to charity with the winner getting entry into the World Series of Poker Main Event.